How can I report rent payments to the credit bureaus?

To report rent payments to the credit bureaus, sign up for a rent-reporting service such as LevelCredit. These services report on-time rent payments to the major credit bureaus for inclusion on your credit report. Some require your landlord to create and maintain an active account, while others just require verification that they own or manage the property and have an active lease with you.

Subscription Services to Report Rent Payments to Credit Bureaus:

These services vary in terms of functionality and price, costing as much as $145 per month. But they all report rent payments to at least one of the major credit bureaus.

If you are interested in free services, you have a few options, too.

Free Services to Report Rent Payments to Credit Bureaus:

Things to Look For in a Rent-Reporting Service:

With so many different services available for reporting your rent payments to the credit bureaus, there are a few key things to consider when deciding which one is right for you.

• How much effort does my landlord need to go through to sign up, and will the landlord provide all of the information needed? Some services just require a phone call or an email. Others require a driver’s license or a copy of the lease. In many cases, the landlord will have to sign up for and maintain an account with the service. Individual landlords may not want to sign up with a new service just to potentially help out your credit score.
• How much does the service cost for a year? Payment options for these services vary. Some require a large initial deposit while others charge monthly or require a contract. The best way to report rent payments to the credit bureaus for free is to sign up for a service like MoCaFi, which offers free reporting to Equifax if you use its phone app.
• Does the service include rental history? Depending on how the service tracks rent, it may be capable of checking past payment history. Others only begin tracking rent payments once you’ve signed up for the service.
• Which credit bureaus does the service report to? Experian, Equifax, or TransUnion. Some services only report to a single credit bureau, while others report to multiple.
• When will your rent appear on your credit report? It could take days, weeks or even months to be added to your credit report.
• How can you cancel the service? Some services require contracts and others are only valid while you live at a certain address. Check if you can update your account when you move or if you need to cancel.

The value of reporting your rent will vary based on your current credit score, but TransUnion research found that renters with subprime credit scores who made timely rental payments could see their credit scores increase by 26 points after a year of rent payment reporting. You can track your progress with free credit reports and scores through your WalletHub account, all for free.

The point of a credit report is to assign you a score that lenders use to determine the interest rate of your loan.

So, what exactly is your objective? If it's intended for starting a budget, I congratulate you!

When you have a mortgage, which is a loan, that will be on your credit report. The address you currently rent will show up on the credit report as a valid address or later, a previous address, but the rent itself is not a loan so you won't see it here.

If you're interested, we should talk a bit (for free). I specialize in education and collaboration that includes the professional financial stuff done without the high cost. And I give customers the same professional tools that are usually limited to the yacht-owner crowd. Let me know!

You can get credit for the rent you pay if you have the right landlord or use the right rent-reporting service. Start by asking your landlord or property management agency if they report on-time rent payments to the credit bureaus – and if so, how often. If they don’t, you might be able to convince them to start. The information in your credit reports is based solely on what creditors submit to the bureaus. And your credit scores are based on your credit reports.

Some property owners may not report your on-time payments every month. They may, however, alert the credit bureaus if you’re late in paying or evicted for non-payment. So you need to make sure you’re getting credit for the good stuff.

Another option is to enroll in a rent-reporting service. Companies such as RentTrack, Rent Payment and RentBureau work with your landlord and specialize in reporting rent payments to the major credit bureaus. Prices range from free to up to $100 per year. Before you sign up, determine whether you’ll make future rent payments to the reporting service or directly to your landlord.